Iraq Was Pressured to Increase Oil Output Away from OPEC, Says Oil Minister

A worker is seen at Iraq's Majnoon oilfield near Basra, Iraq, March 31, 2021. Picture taken March 31, 2021. (Reuters)
A worker is seen at Iraq's Majnoon oilfield near Basra, Iraq, March 31, 2021. Picture taken March 31, 2021. (Reuters)
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Iraq Was Pressured to Increase Oil Output Away from OPEC, Says Oil Minister

A worker is seen at Iraq's Majnoon oilfield near Basra, Iraq, March 31, 2021. Picture taken March 31, 2021. (Reuters)
A worker is seen at Iraq's Majnoon oilfield near Basra, Iraq, March 31, 2021. Picture taken March 31, 2021. (Reuters)

Iraq was pressured to increase its oil production outside the remit of OPEC's policy on output, Oil Minister Ihsan Abdul Jabbar said on Saturday.

He also told Al Hadath TV that OPEC was committed to providing the oil supplies needed to compensate for any shortages.

OPEC has resisted calls by the United States and the International Energy Agency to pump more crude to cool prices, which reached a 14-year peak last month after Washington and Brussels imposed sanctions on Moscow following its invasion of Ukraine.

OPEC+, which consists of the Organization of Petroleum Exporting Countries and other producers, including Russia, will
raise output by about 432,000 barrels per day in May.

Separately, Iraq said it is still maintaining its position in the Indian oil imports market despite India's increased imports of Russian oil, state news agency INA reported on Friday, citing the state-owned marketer SOMO's head, Alaa al-Yasiri.

"Several countries including India found Russian crude oil, which is now being sold with big discounts, as an alternative to competing crude oils," Al-Yasiri said.

But Iraq is keeping up its high market share in India thanks to the contracts it has with government and private refineries, Al-Yasiri said.



Türkiye Receives Waiver for Gas Payments to Russia from Gazprombank Sanctions

A view shows a board with the logo of Gazprombank at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 5, 2024. REUTERS/Anton Vaganov/File Photo
A view shows a board with the logo of Gazprombank at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 5, 2024. REUTERS/Anton Vaganov/File Photo
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Türkiye Receives Waiver for Gas Payments to Russia from Gazprombank Sanctions

A view shows a board with the logo of Gazprombank at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 5, 2024. REUTERS/Anton Vaganov/File Photo
A view shows a board with the logo of Gazprombank at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 5, 2024. REUTERS/Anton Vaganov/File Photo

Türkiye has received an exemption for gas payments to Russia after the United States imposed sanctions on Gazprombank, Turkish Energy Minister Alparslan Bayraktar revealed in response to a question from Reuters.

The US imposed new sanctions on Russia's Gazprombank in November, creating an obstacle for buyers of Russian gas, which had been using the bank to make payments. They have since been seeking clarification and exploring other ways to pay.

Türkiye imports almost all its gas requirement and Russia is the top supplier, providing more than 50% of the country's pipeline imports.

Ankara's pipeline gas imports from Russia stood at 21.1 bcm last year.

Türkiye had requested an exemption in discussions with US officials so that it can continue paying for Russian natural gas imports via Gazprombank.

The US on Thursday also granted a waiver to Hungary, which mainly relies on Russian oil and gas.